Core banking facility available at 25K post offices by April

Posted on: 24 Mar 2016 09:25:53

24 March 2016 Current Affairs: The Department of Posts will offer core banking solutions (CBS) to its customers at 25,000 post offices by April, against 20,494 CBS-enabled branches as of Monday, Minister of Communications and Information Technology Ravi Shankar Prasad said on March 24,2016. CBS-enabled post offices allow customers to access their postal savings from any of the branches where the facility is available. “Postal department’s digitisation is integral to Digital India. The first thing we pushed was core banking solutions, which means banking from anywhere to anywhere,” Prasad said while addressing a conference on Digital India.The minister said that the core banking linkage of post offices was bigger than that of State Bank of India, which has 16,333 CBS-enabled branches. Implementation of CBS is part of the government’s plan for IT Modernisation Project of the Department of Posts, which aims to bring in various IT solutions with the required IT infrastructure to the post offices.In September 2015, the postal department received an in-principle approval from the Reserve Bank of India to set up a payments bank within 18 months.